Tue, 23 Jul 2019

Wall Street higher on surge in Apple stock

By Jay Jackson, Europe News
22 Mar 2019, 07:34 GMT+10

NEW YORK, New York - It was a good day on Wall Street on Thursday.

No bad news, in fact a bit of good news: Unemployment benefit claims fell more than expected. Demand for Apple shares hit a peak, sending the phone maker sharply higher and dragging the Dow along with it. The dollar was mixed after falling sharply on Wednesday following the pronouncement by the Federal Reserve that it would abandone interest rate hikes for the rest of this year, and be 'patient' about future interest rate increases.

The Nasdaq rose for the fifth day in a row and was the leading index on  Thursday.

"Today the market move is Apple's weighting in the Dow, the absence of bad news and the market reacting to the Fed's dovish tone," Matthew Keator, managing partner in the Keator Group, a wealth management firm in Lenox, Massachusetts, told the Reuters Thomson news agency.

"The market should maybe be a bit more measured in extrapolating too much from the Fed's dovish stance because that could change."

At the close of trading Thursday, the Dow Jones industrials were ahead 216.84 points or 0.84% at 25,962.31.

The Standard and Poor's 500 jumped 30.65 points or 1.09% to 2,854.88.

The Nasdaq Composite advanced 109.99 points or 1.42% to 7,838.96.

The euro gave up the 1.1400 mantle Thursday, to finish the New York session around 1.1376. The British pound remained weak at 1.3118.

The Japanese yen eased from earlier highs in Asia and Europe to trade at 110.82.

The Swiss franc was a tad firmer at 0.9918.

The `Canadian dollar buckled, falling to 1.3367. The Australian dolar eased to 0.7113, while the New Zealand dollar gave up the 0.6900 mantle it hurdled earlier, to trade at 0.6880.

In Europe, the FTSE 100 was up 0.88%, while the German Dax fell 0.46%. The Paris-based CAC 40 fell 0.07%.

Stocks in China, Japan and Australia rose on Thursday, but in Hong Stock the main index fell.

The U.S. dollar remained under pressure following the Federal Reserve's decision to leave interest rates unchanged for the balance of the year.

At the close of trading Thursday, the Nikkei 225 was ahead 42.07 points or 0.20% at 21,608.92.

In China, the Shanghai Composite gained 10.81 points or 0.55% to 3,101.46.

The Australian All Ordinaries rose 1.70 points or 0.03% to 6,253.50.

Going against the trend, the Hang Seng in Hong Kong declined 249.41 points or 0.85% to 29,071.56.

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